Brent crude settled above the $60 per barrel barrier as markets continued to be preoccupied with slowing global growth. The grade advanced to $60.43 per barrel while WTI rose to $55.11 per barrel. While economic growth concerns remain amid the ongoing trade war dispute, crude oil balances are tightening. Meanwhile, geopolitical developments remained a key…
BEIRUT: Lebanon’s Jammal Trust Bank (JTB) sought to reassure customers on Friday after the US Treasury Department placed the lender and its subsidiaries on a sanctions list. A JTB official said that “the bank and its funds are operating normally and there is no fear for the fate of their money.” The bank was placed on…
BEIRUT: Lebanon’s Jammal Trust Bank (JTB) sought to reassure customers on Friday after the US Treasury Department placed the lender and its subsidiaries on a sanctions list. A JTB official said that “the bank and its funds are operating normally and there is no fear for the fate of their money.” The bank was placed on…
BEIRUT: Lebanon’s Jammal Trust Bank (JTB) sought to reassure customers on Friday after the US Treasury Department placed the lender and its subsidiaries on a sanctions list. A JTB official said that “the bank and its funds are operating normally and there is no fear for the fate of their money.” The bank was placed on…
TOKYO: Japan’s curbs on exports of high-tech materials to South Korea could backfire in the long run, eroding its dominance over a key link in the global chip supply chain, suppliers and experts say. Japan tightened restrictions last month on exports of three chipmaking materials to South Korea, home to memory chip titans Samsung and SK…
SHANGHAI: A large Chinese chemical producer has won regulatory approval to start building a 30 billion yuan ($4.2 billion) petrochemical complex in east China to process ethane from the US, a company official said on Thursday. Zhejiang Satellite Petrochemical’s plant will be the second China-based petrochemical facility aiming to cash in on cheap and abundant US…
SHANGHAI: A large Chinese chemical producer has won regulatory approval to start building a 30 billion yuan ($4.2 billion) petrochemical complex in east China to process ethane from the US, a company official said on Thursday. Zhejiang Satellite Petrochemical’s plant will be the second China-based petrochemical facility aiming to cash in on cheap and abundant US…
YOKOHAMA: Plans to establish new industrial zones in Egypt and Africa were on Wednesday unveiled at the opening of a high-profile business meeting in Japan. Delegates attending the three-day Egyptian-Japanese Business Forum were told of the commercial importance of setting up a zone in the Suez Canal economic area, along with a Japanese bank in Egypt.…
DUBAI: The battlegrounds of the US-China trade war range from soya beans to Harley- Davidson motor cycles, with Apple iPhones and aluminium in between. But for the Middle East, it is all about oil. While American President Donald Trump and Chinese counterpart Xi Jinping swap tariff salvos across billions of dollars worth of commodities and…
Saudi Arabia’s Ithra welcomes the return to school with a new educational experience JEDDAH: The King Abdul Aziz Center for World Culture (Ithra) launches its Back to School program on Thursday aiming for a school year full of success and achievements. The program enables students, parents and teachers to prepare for the school year, offering…
LONDON: Higher taxes on savings could help to boost consumer spending and relieve deflationary pressures on the Saudi economy, according to a report from KPMG Al Fozan & Partners. It is one of the potential measures to spur growth cited in the study which analyzes inflationary trends in the Kingdom dating from 1964 to the…
OSLO: An oil tanker that was set ablaze by a blast near the Strait of Hormuz in June will be back in service in the fourth quarter after repairs, vessel owner Frontline said. Images of the product tanker Front Altair taken on June 13 showed flames and thick black smoke billowing from a hole in the…
OSLO: An oil tanker that was set ablaze by a blast near the Strait of Hormuz in June will be back in service in the fourth quarter after repairs, vessel owner Frontline said. Images of the product tanker Front Altair taken on June 13 showed flames and thick black smoke billowing from a hole in the…
OSLO: An oil tanker that was set ablaze by a blast near the Strait of Hormuz in June will be back in service in the fourth quarter after repairs, vessel owner Frontline said. Images of the product tanker Front Altair taken on June 13 showed flames and thick black smoke billowing from a hole in the…
PORTLAND, Maine: US lobster exports to China have fallen off a cliff this year as new retaliatory tariffs shift the seafood business farther north.China, a huge and growing customer for lobster, placed heavy tariffs on US lobsters — and many other food products — in July 2018 amid rising trade hostilities between the Chinese and…
KUALA LUMPUR: Malaysia is in talks with at last six countries on the possibility of using palm oil to pay for arms, as Southeast Asia’s third-biggest economy seeks to replace old equipment to boost its defense capabilities.Malaysia has struggled to update its defense equipment over the years and a cut in its defense budget this…
KUALA LUMPUR: Malaysia is in talks with at last six countries on the possibility of using palm oil to pay for arms, as Southeast Asia’s third-biggest economy seeks to replace old equipment to boost its defense capabilities.Malaysia has struggled to update its defense equipment over the years and a cut in its defense budget this…
S. African rare earth mine hopes for boost from US-China feud CAPE TOWN: It’s old, doesn’t look like much and is located well out the way in an arid part of western South Africa.But the Steenkampskraal Mine may be about to become piping hot mining property thanks to some of the world’s highest-grade deposits of…
JACKSON HOLE, WYOMING: Global central bank chiefs know their job is to keep the economy out of the ditch. What became clear at the US Federal Reserve’s central banking conference in Jackson Hole, Wyoming, over the past couple of days is that not only do other people hold the wheel, some seem intent on steering…
VIENNA: It may sound like a strange thing to enshrine in a country’s constitution: The right to pay cash.But a debate on whether to do just that has entered Austria’s election campaign, shining a light on the country’s love of cold, hard currency.The Austrian People’s Party (OeVP) recently made the suggestion as part of its…
